Even though there is no down payment requirement for a USDA loan and you can roll your upfront guarantee fee into your loan amount, there are still closing costs that need to be addressed. When you buy a home and finance it with a USDA mortgage, you’ll soon encounter two primary types of closing costs—recurring and non-recurring. A recurring closing […] Read more »

USDA, FHA and VA loans have several things in common. They are all considered “government backed” because of an inherent guarantee made to the lender issuing the loan. As long as the lender approved the loan using the proper guidelines established by each agency, should the loan ever go into default, the lender is compensated for all or part of […] Read more »

Any asset that is financed typically requires insurance or some sort of pledge to repay, even if the asset is somehow lost or destroyed. A bank won’t make a loan for a new car unless there is insurance coverage ready at the helm. So too mortgage lenders require there be insurance on the home that takes effect the moment the […] Read more »

The USDA loan’s annual fee is 1% of the loan amount. This fee funds the guarantee that compensates lenders if the mortgage should ever default. It is this guarantee that gives lenders the confidence to extend home financing to those who may not be eligible for conventional financing. All major government backed mortgages have a guarantee. With the VA loan, […] Read more »

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